Masters in Actuarial Science


Program Description

The Masters in Actuarial Science at ISEG (Universidade de Lisboa) was designed according to the international requirements for the actuarial profession. It is meant to cover most of the course subjects that are indispensable for the accreditation of an actuary in the European Union, as designated by The Actuarial Association of Europe, as well as the course materials of exams P, FM, IFM. LTAM, SRM and STAM of the Society of Actuaries.

The three VEE topics (Economics, Corporate Finance and Applied Statistical Methods) sponsored by the Society of Actuaries (SOA) - USA, Casualty Actuarial Society (CAS) - USA and Canadian Institute of Actuaries (CIA), may automaticaly be awarded for the students that have a Bachelors degree from ISEG and decide to take the SOA actuarial exams. See SOA VEE courses. Our Master is also in the SOA UCAP list.

Our Masters in Actuarial Science is one of only a few accredited by the Institute & Faculty of Actuaries (IFoA), the professional body for UK actuaries. If you do sufficiently well in the programme, you may gain exemptions from the Core Principles exams CS1, CS2, CM1, CM2 and CB1 of the UK actuarial profession. If you have a BSc from ISEG you may be able of getting exemptions from the CB2, provided your marks are good enough. After exemptions are granted by IFoA, students my be conceded waivers to the correspondent Society of Actuaries (USA) exams.

Our Master is ranked 13 in the 50 best Masters in Insurance, Risk and Actuarial Sciences and our university, the University of Lisbon, is second in the 2018 Iberoamerican ranking produced by SCImago. ISEG has been ranked 26th in the world in the new Business Schools Actuarial Science Ranking.

The program offers a solid academic foundation in actuarial science, statistics, and finance, providing you with the skills to become a successful actuary. During the fourth semester, you can take a training post in an insurance company or write a thesis or a project. You may be able to spend a semester in a partner university, through the ERASMUS program.

Last, but not least, Lisbon offers an exceptional historical heritage and ISEG is situated in the heart of it. The cost of living is below that of other capitals which gives to this Master financial advantage over other academic actuarial centers.



Ranked nº13 in the World
Top50 BestMasters Global Ranking in Insurance Risk & Actuarial Sciences


The post-graduate studies in actuarial science at ISEG started in 1990 with a Post-Graduation Course in Actuarial and Financial Risk Management, which originated a Master with the same title in 1993/94. In 1997/98 it was restructured and renamed MSc in Actuarial Science. Until 2007 it was offered every two years. In 2007/2008 it was adapted to the Bologna regime and has been offered every year since then. It was accredited in 2011 by the Agency for Assessment and Accreditation of Higher Education - A3ES.


The main objectives of the Master of Actuarial Science are:

  • Training students for the actuarial profession, in its multiple components: life, non-life, financial and pension funds.
  • Contributing to the education of academics, allowing the University to play an active role in the production of advanced studies in the areas of the Master.


Designed For

The Master in Actuarial Science was designed for students with a solid background in Mathematical Analysis and Statistics, who are seeking to enter the actuarial profession and pursuing a path towards this rewarding career.

We accept candidates with a bachelor's degree in Mathematics, Mathematics with Economics or Statistics, and some of the bachelor's degrees in Economics, Finance or Management. Accepted applicants have normally achieved a minimum of 14 out of 20 points in the Portuguese system for one of these degrees, or 2:1 honors in the British system, or equivalent (e.g. G.P.A. 3.0).


There is a regular demand for actuaries all over the world. The main employers of our Master students have been:

  • Insurance companies (life and non-life)
  • Pension fund management societies
  • Consulting companies
  • Control authorities
  • Banks
  • Universities

Several of our students did their Final Mater Work as interns in Autoridade de Supervisão de Seguros e Fundos de Pensões, Liberty Seguros, Companhia de Seguros Allianz Portugal SA, Companhia de Seguros Tranquilidade, Axa Portugal, Fidelidade, Willis Towers Watson, KPMG, Optimind Winter, Ernst & Young Portugal and in Taylor Fry Consulting Company.

Study Program

Year 1 / Semester 1

Computation Tools for Actuaries (4 ECTS) IFoA: CS1 -10%
Financial Markets and Investments (6 ECTS) IFoA: CS1 -40%
Financial Mathematics (6 ECTS) IFoA: CS1 -45%
Probability and Stochastic Processes (6 ECTS) IFoA: CS1 -15% CS2 -30%
Risk Models (6 ECTS) IFoA: CS1 -35%

Year 1 / Semester 2
Generalised Linear Models (4 ECTS) IFoA: CS1 - 30% CS2 - 10%
Loss Reserving (4 ECTS) IFoA: CS1 - 10%
Risk Theory (8 ECTS) IFoA: CS1 - 15% CS2 - 20%
Survival Models and Life Contingencies (8 ECTS) IFoA: CS1 - 55%
Time Series (6 ECTS) IFoA: CS1 - 20%

Year 2 / Semester 1
Models in Finance (8 ECTS) IFoA: CM2 - 40%
Solvency Models (4 ECTS)
Actuarial Topics (6 ECTS) IFoA: CS2 - 25%
Pension Funds (4 ECTS)
Ratemaking and Experience Rating (4 ECTS) IFoA: CS1 - 10%
Elective #2
Asset-Liability Management (4 ECTS)
Finance and Financial Reporting (6 ECTS) IFoA: CB1 - 100%

Year 2 / Semester 2
Master Final Work (30 ECTS) - Internship/Dissertation/Project

The students must pass a total of 18 ECTS in optional units, with a minimum of 8 ECTS in optional (1) and 4 ECTS optional (2).

During the fourth semester you can take a training post in an insurance or consulting company or write a thesis or a project.


10 Reasons To Choose Actuarial Science At ISEG

  1. ISEG, Lisbon School of Economics and Management is the only Faculty in Portugal that offers a University degree in Actuarial Science.
  2. ISEG has been part of the Universidade de Lisboa (ULisboa), which is now the largest University in Portugal.
  3. The Masters in Actuarial Science is one of the few non-Bristish programmes fully accredited by the Institute and Faculty of Actuaries in the UK.
  4. It is also part of the UCAP list of the Society of Actuaries in USA. The new IFoA curriculum for 2019 has been adopted since school year 2018/2918.
  5. This program provides in depth coverage of the most up-to-date actuarial knowledge and required competences and offers a short a BSc. It is one of the 50 worldwide best Masters in Insurance according to the EDUniversal Best Masters ranking.
  6. For the second consecutive year a group from ISEG's Master in Actuarial Science reached top3 of the Challenge Contest promoted by SOA
  7. ISEG has a group of lecturers whose achievements in international research are on a par with the best international schools of Actuarial Science and some of them are practitioner actuaries. Our academic staff is dedicated and always willing to support and advise students.
  8. ISEG has excellent modern facilities, including a extensive library, which is particularly complete in the field of Actuarial Science. Students have access to study rooms, accessible during extended hours.
  9. As success in the professional world is not just about passing exams and gaining exemptions, ISEG helps you to gain other skills. Research seminars, seminars with speakers from industry, organized by the ISEG Actuarial Science Club, a career development programme and a career development team, which provides counselling service, are also at your disposal.
  10. This programme offers many internship opportunities, which give you an advantage when applying for jobs.
Last updated Jan 2020

About the School

The first school of Economics and Management in Portugal, ISEG belongs to the University of Lisbon, the largest Portuguese University. ISEG Lisbon is internationally recognized and accredited by AACSB ... Read More

The first school of Economics and Management in Portugal, ISEG belongs to the University of Lisbon, the largest Portuguese University. ISEG Lisbon is internationally recognized and accredited by AACSB and AMBA, complying with the best higher education standards. ISEG’s research centers are very well rated by the Portuguese research council (FCT). With an experienced and well prepared faculty, students from more than 70 countries contribute to an ever-increasing international academic environment, and take advantage of the school's excellence and location. ISEG Lisbon has excellent modern premises at the heart of Lisbon, right next to the Parliament and the river Tagus, in a vibrant neighborhood full of social life, business and culture. At ISEG, you will find a culture of excellence and achievement, alongside a climate of inclusiveness and cooperation. This is made by the mutual collaboration of students, faculty and staff. ISEG is a School prepared for the future: with a unique blend of quantitative skills and social contextualization of economic and managerial decisions, ISEG’s faculty, professionals, students and alumni are at the forefront of those who address the UN’s 17 Sustainable Development Goals (SDGs) with an entrepreneurial and collaborative mindset. Read less